China’s Luckin Coffee Planning U.S. IPO

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HONG KONG — Chinese startup Luckin Coffee has tapped three banks to work on a U.S. IPO in 2019, according to Reuters.

The ambitious Beijing-based coffee chain, which launched in January 2018, aims to overtake Starbucks in China as the country’s largest coffee chain this year. Lurkin already boasts more than 2,000 cafés, which focus on online ordering and delivery, and has set a goal of opening 2,500 new units in 2019.

Lurkin reportedly chose New York for this listing because Hong Kong generally requires IPO applicants to have operated for three financial years.

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